In a strategic move to expand its global footprint, Coinbase is reportedly finalizing a deal to acquire Brazil's largest cryptocurrency exchange after a year-long negotiation with parent company 2TM. This acquisition would grant Coinbase control over Mercado Bitcoin, Latin America's premier crypto trading platform operated by 2TM.
Key Details of the Potential Acquisition
- Source: First reported by O Estado de São Paulo (Estadão) on Monday, 28th, citing undisclosed sources.
- Timeline: Talks began last year as part of Coinbase's broader international expansion strategy.
- Current Status: Neither Coinbase nor 2TM has officially confirmed the negotiations at press time.
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Brazil's Crypto-Friendly Developments
This potential acquisition coincides with progressive crypto adoption in Brazil:
- Rio de Janeiro, the country's third-most populous state, announced it will accept cryptocurrency payments for taxes starting last Saturday (26th).
- The move prompted reactions from industry leaders, including Binance CEO Changpeng Zhao (CZ), who confirmed plans to open a Binance office in Rio following agreements with local officials.
"Nine days ago, I shook hands with Mayor Eduardo Paes. Rio will accept crypto tax payments, Binance will establish an office there, and we're working to make it happen," CZ stated.
Strategic Implications for Coinbase
If finalized, this deal would:
- Strengthen Latin American Presence: Compete directly with Binance, which recently entered Brazil via brokerage firm Sim;Paul Investimentos.
- Expand Portfolio: Gain control of 2TM subsidiaries including Meubank, Bitrust, and Blockchain Academy.
- Enhance Brand Visibility: Counter Binance's local sponsorships (e.g., Campeonato Paulista football matches).
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FAQ Section
Q: When will Coinbase announce the acquisition?
A: Industry sources suggest a potential announcement next month.
Q: What other services does 2TM control?
A: Beyond Mercado Bitcoin, subsidiaries include digital asset platforms and crypto education ventures.
Q: How does Rio's crypto tax policy affect exchanges?
A: It creates regulatory tailwinds and incentivizes exchanges to establish local operations.
Conclusion
This acquisition would mark a pivotal step in Coinbase's international growth, particularly in a region where Binance has made significant inroads. With Brazil's accelerating crypto adoption—from tax policies to football sponsorships—the battle for Latin American market share intensifies.
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